(a) Authorization.--The governing body of a local taxing authority which levies a tax on residential property is authorized to and may, by ordinance or resolution, provide a residential visitability design tax credit against a real property tax levied on such property. The credit may be offered to residential owners at the sole discretion of the local taxing authority, so long as the uniform design standards contained in this act are provided within the eligible residential units.

(b) Applicability.--The tax credit authorized under subsection (a) shall be limited to any new or renovated dwelling that contains visitability design features which will enhance the usability of the dwelling for persons with significant mobility impairment and which minimize the cost of full accessibility modifications, if necessary, at a later time.

(c) Amount.--The amount of the tax credit shall be determined by the governing body and shall not exceed $2,500 or the total amount of the increased amount of property taxes owed during the first five years from the time the tax credit is approved, whichever is less.

(d) Administration.--The governing body shall determine the form and manner in which any eligible property owner shall apply for the credit and may adopt rules and regulations for the approval and disapproval of applications.